The International Regulatory Authority of Grande Comore (IRAGC) upholds a stringent compliance framework to ensure the integrity, stability, and security of the offshore financial sector within the Union of the Comoros. Our commitment to compliance aligns with global standards, including those set by the Financial Action Task Force (FATF), to protect stakeholders and foster a trustworthy business environment. All licensed entities are required to adhere to a comprehensive set of standards, guidelines, and requirements designed to mitigate risks and promote ethical practices.

Compliance standards at IRAGC encompass a range of critical areas. Entities must maintain robust anti-money laundering (AML) and counter-terrorism financing (CTF) measures, including thorough customer due diligence (CDD), ongoing transaction monitoring, and the reporting of suspicious activities within 48 hours. Capital and prudential standards mandate that licensees maintain minimum capital reserves—such as 8% of risk-weighted assets for banks and 6% for brokerages—supported by quarterly financial statements and annual audited accounts submitted within three months of the fiscal year-end. Consumer protection is prioritized through clear risk disclosures in client agreements, a complaints handling process with responses within 14 days, and the segregation of client funds in trust accounts for brokerages and VASPs.

Guidelines are outlined in detailed rulebooks, such as the AML/CTF Manual, Prudential Standards Guide, and Consumer Protection Framework, which provide actionable steps for compliance. Licensees are required to implement secure technology systems, conduct annual cybersecurity audits, and develop business continuity plans to address operational risks. For Virtual Asset Service Providers (VASPs), additional guidelines ensure secure wallet storage and transparent token issuance processes. These guidelines are regularly updated and available for download on our portal, with licensees encouraged to stay informed through our newsletter.

Requirements include the appointment of a qualified compliance officer to oversee adherence to regulations, the maintenance of transaction records for seven years, and the submission of annual compliance reports detailing AML/CTF measures, cybersecurity audits, and complaint resolutions. All key personnel must pass a fit and proper test to verify their integrity and competence, while entities must establish data protection measures and risk management strategies tailored to their operations. Periodic inspections by IRAGC ensure ongoing compliance, with licensees required to cooperate fully and address any identified deficiencies.

Non-compliance carries significant consequences, including fines up to $50,000 per violation, license suspension, or revocation in severe cases, alongside public notices for egregious breaches. IRAGC promotes a collaborative approach by encouraging self-reporting of minor issues to mitigate penalties. Support is available through our compliance team, which offers guidance via the online portal, live chat during office hours, or direct contact at compliance@iragc.gc. As of 05:04 PM CEST on Thursday, August 21, 2025, licensees are reminded to review the latest compliance updates and prepare for the upcoming quarterly reporting deadline.